Sears closing 80 more stores in March, facing possible liquidation

30/12/2018

A committee of other creditors, including vendors and landlords, has proposed that Sears instead move forward with plans to shut down the business, closing all the stores and liquidating its inventory and other assets.

Lampert submitted the $4.4 billion offer Friday through Transform Holdco, an affiliate of his hedge fund, ESL Investments, just before a 4 p.m. deadline Friday, CNBC first reported.

Sears, which employs more than 68,000 people, filed for bankruptcy on October 15. "Even with an approved bid, the company is heading for another iceberg and will sink before the winter weather is gone".

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The stores set to close early next year consist of 43 Sears and 37 Kmart stores, including Kmart stores in Queensbury, Horseheads, Wellsville and Greenwich, N.Y. This location is one of 80 Sears stores to close across the country.

At the time of its bankruptcy filing, Sears also announced it was closing another 142 stores, the latest in a wave of closings of unprofitable stores, in hopes of stopping the flow of red ink.

The store at 2875 Santa Maria Way was included among 86 sites planned for closure by March, on a list submitted as part of Sears Holdings Corporation's ongoing Chapter 11 bankruptcy proceedings and financial restructuring plan submitted to the U.S. Bankruptcy Court.

It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down.

Lampert bought Sears and merged it with Kmart in 2005 to form Sears Holdings.

However, that could change if Sears decides to push back the deadline.

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Two North Texas Sears stores will close in three months as part of the troubled company's ongoing efforts to remain afloat. Sears has suffered for years, as USA consumers increasingly turned their backs on brick-and-mortar stores.

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